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CYTOTHERAPEUTICS ANNOUNCES 1992 FINANCIAL RESULTS

 PROVIDENCE, R.I., Feb. 4 /PRNewswire/ -- CytoTherapeutics, Inc. (NASDAQ: CTII) today reported, in line with expectations, a net loss for 1992 of $1.33 per share or $9,975,001, compared to a net loss of $1.44 per share or $6,363,973 for 1991. Revenues for 1992, comprised of interest earned on invested funds and research contract revenue, were $1,408,405 compared with $680,667 in 1991.
 The net loss for the fourth quarter of 1992 was $3,210,848 or 41 cents per share, compared with a net loss of $1,983,358, or 39 cents per share for the same period in 1991. Revenues for the fourth quarter were $381,665 compared with $155,323 for the same period in 1991. Cash and investments, including long-term investments, totaled $27.6 million as of Dec. 31, 1992.
 Seth A. Rudnick, M.D., president and chief executive officer of CytoTherapeutics, Inc., commented, "The financial results for 1992 are in line with our expectations for the period and reflect our increasing investment in research and product development, as well as our continued commitment to bringing our unique form of cellular therapy forward to the clinic.
 "Our CereCRIB(tm) program, for the treatment of chronic pain, has advanced to the later stages of pre-clinical development," added Rudnick. "We now expect to enter our initial human clinical trials in Europe by mid-1993."
 CytoTherapeutics is a leader in the research and developmeutic products based on its core technology of membrane-encapsulated living cells, which can be implanted into patients to supply critical biomolecules. CytoTherapeutics' CNS (Central Nervous System) products in development include CereCRIB(tm), for the treatment of severe, chronic pain, and NeuroCRIB(tm), for the treatment of Parkinson's disease, in addition to its Type I diabetes product in development, EndoCRIB(tm).
 CYTOTHERAPEUTICS, INC.
 Statements of Operations
 (Unaudited)
 Three months ended Twelve months ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues: $381,665 $155,323 $1,408,405 $680,667
 Operating costs and expenses:
 Research and development 2,663,006 1,555,649 8,204,401 5,164,268
 General and
 administrative 830,894 549,053 2,940,508 1,772,169
 Total operating expenses 3,493,900 2,104,702 11,144,909 6,936,437
 Loss from
 operations 3,112,235) (1,949,379)(9,736,504)(6,255,770)
 Interest expense 98,613 33,979 238,497 108,203
 Net loss $(3,210,848)(1,983,358)(9,975,001)(6,363,973)
 Net loss per share (41 cents) (39 cents) $(1.33) $(1.44)
 Shares used in computing
 net loss per share 7,825,500 5,085,000 7,473,965 4,422,589
 Balance Sheet Data
 Dec. 31, Dec. 31,
 1992 1991
 Cash and cash equivalents
 and short-term and long term
 investments $27,644,442 $14,769,319
 investment in plant and
 equipment (net) 6,210,961 1,811,086
 Total assets 35,238,775 17,254,966
 Total stockholders' equity $29,202,874 $14,929,242
 -0- 2/4/93
 /CONTACT: Thomas G. Wiggans, chief operating officer, 401-272-3310 ext. 2152, or Elizabeth Razee, 401-272-3310 ext. 2132/
 (CTII)


CO: Cytotherapeutics Inc. ST: Rhode Island IN: MTC SU: ERN

DH -- NE009 -- 2821 02/04/93 09:29 EST
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Date:Feb 4, 1993
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